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If you are over age 65 or are retired due to a disability, you may be eligible for a separate tax credit designed to help the nation's seniors and disabled. Even better than a deduction, the Senior Tax Credit for the Elderly and Disabled could take up to $7,500 directly off of your tax bill. (Deductions can only reduce your tax bill in proportion to your tax rate.)

To qualify for the credit this year, you must meet two sets of criteria: